If your credit rating has suffered as a result of poor borrowing habits in the past, then you’re probably hoping to repair and rebuild it as quickly as you can. Today, living with a poor credit score is no easy task; even if you’re determined that you’re not going to borrow money again, it can be very difficult to do so if you want to take out a mortgage or start your own business in the future, for example.

Thankfully, there are several things that you can do to give your credit rating a quick boost and kick start its road to recovery.

#1. Consider borrowing small amounts

Whilst many people who’ve borrowed money in the past and landed themselves in financial difficulty as a result may swear to never borrow again to avoid this from happening, it’s important to understand that not all borrowing is bad. In fact, in many cases, borrowing money is an essential part of rebuilding your credit rating, provided that you do so responsibly. For example, take a look at these quick loans from Cash Lady that you can repay in full just weeks or months after borrowing. If you’re sure that you’ll be able to make the repayment and afford it, then this will give your credit rating a quick boost.

#2. Pay your bills on time

Did you know that it’s not just the money that you borrow that will affect your credit rating? In fact, if you are the main bill payer in your home and are responsible for paying utilities such as water rates, broadband, and gas and electricity, then these will also show up on your credit file. Ensuring that your priority bills are paid on time will not only keep your living costs up to date and make sure that your utilities are always switched on; it’ll also help to improve your credit rating each time you make a payment.

#3. Don’t apply for credit unless you’re sure

If you’ve recently become debt-free and are considering borrowing some money to help start rebuilding your credit rating, then it’s important to be careful about where you apply. Applying for credit and then being rejected can have a negative impact on your credit rating, and will stay on your file for a number of weeks. Instead, be smart about it and use comparison sites that allow you to enter your details to determine which products you are most likely to be accepted for. Many lenders are also now offering eligibility checker tools which will let you know if you’ll be accepted or not before you apply.

#4. Take it slow

Remember that rebuilding your credit rating is a slow process, therefore it’s important not to be too disheartened if your rating hasn’t risen by much after a while. Bear in mind that as long as it’s not going down, it’s a good thing! In general, changes to your credit file can take around 6-8 weeks to be made, so be patient and keep on being responsible with your money.

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